Gold price extends consolidation ahead of the important inflation data.
The gold futures contract lost 0.03% on Wednesday, September 11, as it went sideways despite the important consumer inflation data. Gold remained near the $2,550 level, further extending a consolidation. Last Wednesday, it rebounded from $2,500, and on Friday, gold approached its August 20 record high of $2,570.40, before reversing lower.
This morning, gold is moving sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading below the $2,550 level. What about the other precious metals? Silver is 0.4% higher, platinum is 0.3% higher and palladium is 0.6% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Consumer Price Index release has been slightly higher than expected at +0.3% month-over-month. Today, we will get the Producer Price Index and Unemployment Claims releases at 8:30 a.m. Before that, at 8:15 a.m., the European Central Bank will release its Rate Decision.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, September 12
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Friday, September 13
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
- All Day, Eurozone - ECOFIN Meetings, Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist